BUZZ-COMMENT-Dollar could well be on the verge of a bigger recovery
Feb 25 (Reuters) - FX traders should beware that the dollar could well be on the verge of a much bigger recovery in the days and weeks ahead.
The dollar edged up on Tuesday after falling to its lowest in more than two months at the start of the week, buoyed by safe-haven flows after U.S. President Donald Trump said tariffs on Mexico and Canada would proceed as planned.
The USD index, which tracks the greenback against a basket of six major currencies, left a long tail on Monday's candlestick, pointing to a rejection of the downside. There is scope for a bigger recovery through last week's 107.380, which in turn would unmask the 108.00 psychological level.
U.S. dollar's decline could be coming to an end, as a recent reduction in the speculative long position could well provide the room for the greenback to make bigger gains. A smaller speculative long position means there is likely to be a decrease in offers and vulnerable sell stops that would usually hinder gains.
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